27 September 2011

Will the markets never learn?

So there you go. The Footsie is up by more than 100 points, on the strength of the latest, perhaps mythical, plan to save the euro.

Have they not learned from experience that EU financial plans dribble into the dust? It is inevitable that the EU's new clothes will become invisible on closer inspection. At which point the markets will resume their downward trajectory, amid much wailing and gnashing of teeth, not to mention the rending of invisible garments.

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